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Denmark’s SDG Investment Fund has invested DKK 37 million in a 19.1-MW photovoltaic project in Ukraine, developed by domestic solar power producer Better Energy A/S.

The investment is the first one for the fund, which was launched last summer by The Investment Fund for Developing Countries to promote Danish technology and sustainable investments in developing countries. SDF’s financing commitment represents almost one-third of the solar scheme’s overall cost, Better Energy said on Friday.

The specific project, called Ganska, will be installed in central Ukraine’s Zythomir region, consisting of 59,000 PV modules. The output of the facility is expected to meet the demand of nearly 6,500 homes and mitigate 8,000 tonnes of carbon dioxide emissions per year. The generated electricity will be sold under a power purchase agreement with the Ukrainian authorities.

The investment in the Ganska project is in line with the IFU-managed Neighbourhood Energy Investment Programme focusing on promoting Danish investments in Ukraine and Georgia. The Danish government-owned fund has so far invested in 110 MW of wind and solar projects in Ukraine, which has set a target of getting 25% of its total energy from renewables by 2035.